might think. we are letting it all up tomorrow, and "the willis report" is coming up next. have a great night. ♪ ♪ gerri: hello, everybody. i'm gerri willis. tonight on "the willis report", a popular new website kicks off a fierce battle between homeowners and the government. but politicians want to restrict what you do with your property. also, big worries about americans with adjustable rate mortgages. why they may be sitting pretty. and our -- are actively managed mutual funds better for investors? what is better for your money. we'll watch enough for you tonight on "the willis report." ♪ gerri: our top story tonight, the government telling you what

you can and cannot do with your own property. right now in new york there is a battle raging between the popular website and the state's attorney general. the website helps people run to cover and a room for their entire apartment for visitors to the want to fork over big bucks. the government says they are tax evading lawbreakers. let's bring in a senior fellow at the cato institute. thank you for coming on the show tonight. 225,000. since when is it illegal to rent out your apartment on your own? >> this is an example of overzealous overreaching by the government. in the name of going after some slumlords or other people who are more notorious, they're going after people who are just trying to -- gerri: but they are not going after slumlords, are they? they just want some tax revenue.

same as those hotel tax revenues. they say they want to get that. isn't that the real motivation? >> if that is what they wanted they could pass a loss objecting these people to taxes. think it is more nefarious than that. the unions and hotel lobbies want to shut down its competitors. gerri: i just understand why you can't do with your own property but you want to. why the government should be involved in all. they're trying to subpoena information to get your information and my affirmation in everyone's information who uses the service. >> absolutely. it is a huge overreach on the subpoena, not narrowly targeted at slumlords or what have you. indeed, anyone who has access the site once that information, clear intimidation and tremendously unfortunate because this is a product that is filling a market demand. gerri: the folks are fighting back saying it is an unfounded fishing expedition. what is more, they are saying that the government is really going after money throwing away the kinds of money that comes

into this city because of air bnd. keeping these guys even really understand the economics of this and now works? >> i don't think they think too much about it. they can get headlines and now lobbied by their special interest. they think that this is something that they can be populist about. really it is a lot of people who want to visit new york and other cities with battering control laws that cannot afford to stay there and this is a way to bring in tourists. gerri: apparently there is some kind of law on the books that you cannot lease your place for short-term. you know, this is like an old school kind of law. what do you think of that? >> it is unclear what the purpose of the law is. if it is to make sure that people are not running slaughterhouses and endangering the sanitation or the safety of housing codes are things like that, you can have inspections for those sorts of things. i'm not sure what this is about.

no one is making complaints about their neighbors renting out their apartment or anything like that. really you have to look behind what this is actually going after. gerri: it is an attempt to grab tax revenue, let me show you what we might be on the hood for. new york city sales tax for a half percent, state sales tax, new york city hotel occupancy tax and the expansion funds charge. the list goes on and on. to think that people would even pay that is just ludicrous. i don't know how they can even think there will be able to enforce any kind of effort to make people turnover taxes for these rentals. >> and the new mayor presumptively is going to raise taxes even higher. i am glad that you now live in new york. [laughter] gerri: unbelievable. thank you for coming on. appreciate your time.

what will they think of next? now we want to know what you think. should the government have a say in whether you rent out your own property, your own house? long run to gerriwillis.com, vote on the right hand side of the screen and i will share the results of the and the show. now, -- some good news for homeowners. many folks with hybrid adjustable rate mortgages, unlikely to see a spike in the monthly payments despite the threat of rising interest rates. with more on this, the ceo of real wealth net worth. good to see you. how is this happening? there were big worries that people in these jumbo -- not jumbo loans, adjustable rate mortgages might see some kind of problem. >> we have to remember that times have changed so much since 2006 when most of those homeowners got those loans. interest rates were six and a half%, seven and a half%. today when they are resetting it is great news because interest

rates are much lower. we keep talking about interest rates going up. still historically low. still a fantastic time to get a loan. so it is not the issue. gerri: it is a money saver. they are getting lower rates. of course it is adjustable. you go anywhere over time, but you are getting some breathing room for a little while. do you recommend that people continue buying these adjustable rate mortgages? let's face it, they are not always a safe bet. >> i really do not like adjustable rate mortgages. we live in a country where for some reason we can get 30-year fixed-rate mortgages. this does not happen anywhere else. where else can you walk in a payment for 30 years. so many people are stuck renting. afraid to buy what they cannot qualify, but believe me, your rent will not stay the same for 30 years, fixed rate mortgage well. definitely get the fixed if you can't.

gerri: i like that idea. these are not the lowest interest rates we have seen on record. they're pretty darn close. this is one big reason to buy real estate. presumably rates will take higher. what is the expectation about the future of mortgage rates? >> the fed has made it clear they want to keep interest rates low, keep the recovery happening they are saying that -- well, they're not going to stop the bond buying until unemployment is at six and at%. will that be? i don't know, but it will be awhile. there will go up with a vengeance when they do. that is why i agree with you pyridoxine the rate today. gerri: you can give us some background on this. i don't think people realize how quickly rates go up. so low for so long. what kind of increase could we see, big economic turnaround.

how fast they move? >> they could move very quickly faugh. it is all -- all artificial and there really should be higher. back in the 80's they were in double digits. people were buying homes at 18% to streets. my own father did that. what makes sense to day for both investors and homeowners is to buy if you can, if you can qualify committed as many as you can. that is what we're trying to teach people to do. gerri: don't get out there on the lam. thank you for coming on tonight. a great conversation, and i know a lot people out there i wondering. thank you for the words of wisdom. we appreciate it. ♪ gerri: more, more and more to come, including an answer to the question, how do you do that.

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everywhere, every single day. so ask yourself, what's in your wallet? gerri: growing outrage of the continued problems for obamacare this paper applications that the administration touted as an alternative way to sign up for health care are riddled with just as many problems as the website. fresh notes taken during war room meetings, that is what they call them. officials revealing the paper applications do nothing more than make americans feel better. the end of the day there still stuck in the same view as everyone else. turning me now, senior fellow at the heritage foundation, center for health policy studies. the money to year the strange. here it is. >> you can bypass the website and applied by phone or in person and it can be done in 25

minutes. these memos say at the end of the day we are all stuck in the same queue because they all have to go through the same portal. >> john, i get it. a person who calls is not the one that continues to wait after they give the application. >> it is entertaining, but the president said you can apply. that was not true. gerri: what do you say? >> i have never experienced such a disaster in public administration in the 30 years i have been in washington. this is a huge role of command, you know, they have been telling us for three and a half years, they have been telling congress, telling the country that this whole process is on track. now we're finding out that they did not have this under control as early as three years ago. when david cutler wrote the memorandum to larry summers about the fact that they were not ready to get this under control. gerri: many warnings all along

the way. it is astonishing. c'mon. something as simple as, did you tell us that the paper applications would be handled differently to make that is subtly with the demonstration seems to imply. not jonathan carl calling at the ministhe same thing, the same with said that does not work for you and me. guess what, does not work for navigators, washington, anyone else. >> it is not working. and, you know, what they ought to do is the right thing, shut this thing down and give us all a chance to brief. this has turned out to be unworkable, it has turned out to be unfair. as turned out to be unpopular, and it has turned out to be a lot more expensive than anybody projected in the administration. gerri: hearing a billion dollars now. we don't even know if that is the right number, but it brings me back to the promises, you can keep your insurance. hundreds of thousands, millions

of cancellations all across the country. new jersey, california, michigan, florida. that promise was not true. and now today we hear from a woman who says the promise that you can keep your doctors is not working for her either. this woman has been under care for years treating cancer. now she says that her policy has been discontinued, discontinued. she has no coverage. the policy that she was to buy not allowed to use the doctors and. hurt frustration is very real. >> she is not alone. in fact a much we will find a lot more of this problem as time goes on. the administration was saying earlier that you can get cheaper plans to go on these changes and get cheaper plans. it turns out that most of the plans on these changes are a lot

more expensive. it also turns out that if you do get edgy plan you end up with a cheaper plan. you're going to have a narrower network of doctors and hospitals from which you can choose. so that means that you cannot be able to have the same doctor you had before. the relationship you had with a clinic or hospital program that you were involved with may not be covered by your new plan. so what you're looking at right now is a massive disruption in the current health care system. this was predicted. we saw ides coming back -- congress would not listen. gerri: in response to this woman's story, it on the op-ed pages of the "wall street journal," it was not the fault of obamacare. the insurance companies themselves made this decision. the real reason, the cancer

patient, it is the insurance fault. i have had to tell you, i have some issues with that. i don't think it would have been making many changes. >> let's be very clear. it actually requires that all insurance plans henceforth be all the benefits requirements. all and that benefit requirements in the medical treatments and procedures if your plan does not meet those standards your plan is no longer legal as of january 1st 2014 for all plans. the point is that means a lot of people who are in health insurance that they have today are not going to be able to get health-insurance that they want. we will be with the government decides they will get. the attitude of the administration is basically that all of these problems are the fault of the insurance companies, but the insurance companies are merely following

the law that they -- that has been imposed on them. gerri: i have to tell you. go right ahead. finish your thought. we are going the same place. >> my only point is, the administration made the rules on behalf of these insurance companies, and they ought to basically take responsibility for the rules then make. that is where we are today. if they wanted to do this, they should not be going on national television and making arguments that, in fact made is the fault of the insurance companies when the insurance to benzedrine nothing more than following very specifically the laws and the rules and regulations that have been imposed on them. gerri: thank you for coming on. appreciate your time. we will continue to follow this important story. later in the show are financial panel has some austere advice for you and your gerriwillis.com. next, the special time of year,

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♪ gerri: i don't think it is just me. the holiday shopping season is starting earlier and earlier. while marketing of early deals on toys and electronics, macy's announcing that it will open on thanksgiving. have you find the best rewards cards? turning me now, consumer education director for credit-com. i want to mention a couple of

other of these. toys r us announced it will allow oil to a club member to purchase items on sale. target will match prices for local competitors an online retailers. the deals are stacking up. does that mean you should get a new credit card? >> it may. if you think about it, lot of us use the same old credit cards and are not necessarily taking advantage have some very rich reward programs out there right now. gerri: this is not the reason i would choose to get a new car. there are good reasons to get a new card which is if you have a subpar credit card that does not work for you. how the line of? >> take a look at what you are spending. for example, if you are a traveler, not know why you, but i hate being that $25 baggage feet. for a family of four that can at maybe you need a co-branded credit card with your airline

said the you can get the baggage fee waived and get priority booking and other benefits. it takes -- is a good idea to look around and see where you are. gerri: i have to tell you that deals to change all the time and there are some that are better than others. tommy the essential elements that you look for in a rewards card? a certain a pr? >> rewards cards, you are to begin now looking at a pr because if you carry a balance, it is not the best deal. you are looking at if the reward is flexible and if there will be rewards that i can use, rewards that make sense based upon how i spend. everyone loves cats back. capital one recently came out with something called there. >> over program. what it is designed to do is simplify rewards. instead of 1 percent on some purchases and 3 percent if you shop and a certain store you get one 1/4% back on all purchases all the time.

new programs constantly coming out. even better than the one that you already have. gerri: a lot of these banks are focusing on things like credit cards because they can make more money there than they cannot checking accounts. the chase sapphire preferred card. >> that consistently makes our list of the best credit cards in america. right now you can get a 40,000-point bonus if he spent $3,000. the first three months. then you can use it for travel, that's about $500 worth of travel. paz gives to merchandise, the things. gerri: the goal delta skyline card. here is your airline card. what is good about this? >> if you're looking for an airline card, you want to look for one offering a really good bonus for board. for example, the delta sky miles card for those who fly american airlines, british airways.

they have a good bonus for words. sometimes they're really up the ante. he might give 100,000. gerri: those programs to change from time to time. thank you for coming out today. appreciate your time. >> thank you. gerri: coming a, which states are the most-friendly. next, looking out for you and your money. mutual funds, stocks. what your next investment should be. my mantra? family first.

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filing. raising plans to sell shares from between assistant to $20 each, planning tning to 70 mills shares. twitter is plans to list the stock under ticker, twtr on new york stock exchange. starting as soon as thursday. >> and we have a panel here to answer question about some. managed mutual funds falling out of favor, calpers switching from managed funds to passive etfs, so far they love it. with us now, steve crowley, scott martin, and jamie cox. steve, what do you tell your kleins to invest?

>> key point is get the 3 to 5 year pervue, 20 to 30 years for most, it is important to look at three nobel prize winner phd's in economic save thees just 3 week ago they talked about personal investing, they said most people do not take that longer pervue, at least 3 to 5 years. gerri: question mutual funds or etms. >> i like etfs the best but don't count mutual funds out. gerri: scott? everyone loves the etf's no everyone is worried they are over trading them. >> i am sure they are over trading them, that is what we do as humans. but i love etfs, this is about time, looking at mutual funds what is happening. he is right, there are some low

load versions that there is not a big barrier as far as cost to en true -- intry, but now the mutual fund companies have gotten creegotten creative, theu on the way out instead of the way in. >> jamie, do you agree? are the fees out of control? >> well first of all there i two major points could who that all etfs are not created equally, equity have a different profile than fixed income. be careful what 13 flavor you buy. gerri: what do you like? >> i like equity, fixed income etfs have issues. >> okay, i'm going to make you

explain that. >> you think about it a bond, individual bond is not traded as heavily as an individual stock there are issues with pricing, if you have an etfthat tracks fixed income security like muni bonds sometime the liquidity makes the price of bond drop faster than underlying value of the bond, that gives you a mispricing, i think a lot of people figure that out in june when the prices of etf, drop faster. gerri: a great point. i think that is a rail interesting point. steve, a lot of people have gotten out of bond funds and etfs, is that the right thing to do now? should you load up on stocks instead? >> i much prefer stocks that pay dividends above 3%, i want to go to my index point, a lot of people are perplexed anywhere do i put my money, and what sector,

by investing in solid index funds, nazdaq or s&p you get broad i di diversification and o well overtime. gerri: these days you don't have to make a lot of choices to set up a 401(k), you can invest in a handful of mutual funds or etfs. condition you? >> -- can't you? >> i guess, today you could. i would argue, you wouldn't a few years ago, when the market was in trouble and the economy sunkstunk. not that it much better. but your case if you put in money every pay period, you are getting the prices at different times, you are spreading out your risk that is a good plan. gerri: that is the key to making money, the regular investment. doing it all of the time, not sitting on sidelines, jamie, you

talked about bond etf's, charles schwab has been talking about putting etfs in 401(k)s they offer, they can't quite seem to get it done. what is going on there? do you think? >> i think this is important to recognize with 401(k) they are longer term investments, 401(k) market disney better with mutual fund, because contribution semiconductor important than individual option chosen, you can take a index fund, 500 at saatvanguard and contribute to t return profile matters more about the contribution, it is not chases they make but -- choices they make but failure on make a contribution. the 401(k) options are limited on purpose, they are designed to grow your money, index funds are fine within a 401(k), you don't have to complicate it by encouraging people to trade

their 401(k)s, they normally do it wrong when they do it that way. gerri: sort of does not matter what fund you pick, as long as you keep investing, you end up over long-term with decent returns, but that is ignoring the kind of get wrenching feeling of making a mistake. about what do you fell people who are still worried. >> for people who dumped out in 2008 and 09, if they held on there would be no problem, the prices are higher today than they were precorrection. don't worry about -- short-term swings, stay out of them. gerri: scott, last question for you, there was a report that more and more people with big

dough. $25 million are hoarding their money, what do you say to them? >> get out there and spend it. the economy needs you. i think that the thing we like to do best when we don't feel so good is spend money. as the economy gets better, get out spend money, go to storic make it a great holiday. gerri: you are assuming that the economy is expanding. >> slightly is better than zero. gerri: steve, int scott and jame thank you a great job. >> thank you. >> well, while many investors are worried about etfs or mutual funds, dow up 20% this year. but not every company stock is living found expectations, tonight's top 5, worst performing stocks in dow, do you dogs so far, coca-cola, shares of classic american company returned less than 12% this year. and just barely off the lows ofs

there are frencofthere$47 a sha. >> mcdonald's fast-food earnings has missed expectations. many say it is the lack of new products, and number 3 exxonmobil, shareholders seen less than 5% return, and number 2, ibm, bad news for this company, been so bad shares have fallen nearly 5%. and number one worst performing stock in the dow is caterpillar. earnings have gone from bad to worse. they are not looking up for the year, i think that weak international economy going on. and when we come back, a new way to harness electricity could soon becoming to your home, taxes could be the death of your, but some states friendlier toward others than individuals

for that matter, find out what is next. pppp÷÷ppóó

♪

(train horn) vo: wherever our trains go, the economy comes to life. norfolk southern. one line, infinite possibilities. gerri: when looking for this next place to live, kip linger came out with a map that details each state's taxes. so one of -- what are most and least friendly tax states, we ask sandra block. welcome to the show, how did you come up with the numbers? what were you looking at, and how long did it take you to put together? >> it took quite a while, we look -- we envisioned a typical family, look at income taxes, property taxes, sales taxes. gas taxes. and as you mentioned sin taxes,

they come out in form of excite taxes onal -- excise taxes on alcohol and tobacco. gerri: left friendly, california, their income tax went up on. >> they have highest income tax rates in the country, a lot of states might have high income taxes and low sales taxes, california hits all of the buttons high income tax, high sale tax, you may payton pay, 1n purchases and their gas tax is expensive. gerri: connecticut, i did not realize their property taxes were out of control, they rank up there. >> property taxes are high in a platt rate and percentage of home value. they have high property taxes, high sales taxes, annual car

taxes they are determined by locality that can be as high as $800 a year on a $17,000 car, and connecticut has an estate tax too. gerri: that must support, roads and highways? what is the car tax for? >> it varies, so i assume it goes into the covers of the -- coffers of the town, we're getting at, are you getting what you pay for, some peopler happy to pay the higher property taxes if they have great schools or higher gas taxes with great roads, but if you are not seeing the payoff, think about are you getting your money's worth. gerri: great, and new jersey number 3 on the list. >> new jersey has highest property tax. right there, that really boosts the cost of living there. and they don't really offset ? hear areas, one relief that new jersey offers they have low gas

taxes, if you drive up there you might want to gas up before you get to new york. gerri: one more here, hawaii. state income tax, 11%. >> so let's go to the doing good list, most friendly attack friendly state, delaware with no sales tax, what else? >> they have no sales tax, and really modest income taxes, they are not collecting it on that end. their property taxes are low. and i think that stands out about delaware, it is rounded by high tax states most of east coast, sort of lands in the unfriendly column. delaware sticks out you think about its proximity too beaches and metro areas it is a good area. gerri: i look to wyoming, they be number two that would be great place to live. >> it would if you have a job. and with great thing about wyoming, they make so much money from oil and gas revenue, they are able to use that to lower

taxes, they have no income tax. they have low sales tax, they have low property taxes, and they raised their gas, it still is below average for the nation. gerri: i see a lot of states louisiana, mississippi, arizona, alabama, nevada, where is texas, i thought texas was a low-tax state. >> sometime you pay in another area, the property taxes are pretty high, people own a lot of property in texas. >> sandra block great stuff, interesting study, i feel like i learned a lot thank you. >> thank you. gerri: still to come, my 2-cents more, changing the way we get electricity, how soon can we expect to go wireless, answers after the break.

so i can reach ally bank 24/7, but there are no branches? 24/7. i'm sorry, i'm just really reluctant to try new things. really? what's wrong with trying new things? look! mommy's new vacuum! (cat screech) you feel that in your muscles? i do... drink water. it's a long story. well, not having branches let's us give you great rates and service. i'd like that. a new way to bank. a better way to save. ally bank. your money needs an ally. at od, whatever business you're in, that's the business we're in with premium service like one of the best on-time delivery records and a low claims ratio, we do whatever it takes to make your business our business.

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gerri: is the electric cord on its way to being obsolete, there is a growing push to provide wireless power over a distance, one of the companies leads the change i is i is wi tricity . >> incidented by a profess ar thprofessor atm.i.t. years ago,h all this electricity in walls why couldn't some go into the phone. he used oscillating magnetic fields in the area. gerri: like magnets?

>> kind of like that but what it does it oscillates at a particular frequency. gerri: i think my husband does it with his cell phone, he sets it on a pad it recharges? >> right, if you is have seen those, they work by a technology that is about 182 years old, called magnetic induction, if you move that cell phone one millimeter from where it is on that pad it stops working, this allows you to do it over distances. gerri: is it safe? >> so, the magnetic field that is generated about same the earth, so while it oscillates at a particular frequency. the intensity is about the same as the earth, if you are comfortable living with the earth you should be okay. gerri: it is. well, when am i going to be able to use it? how would i do that in my home? >> right, so, see it runs gamut

on power levels from cell phones to electric cars from, charging a cell phone wirelessly, to charging your electric car, you will see that in next couple years, you drive into the garage, you walk away from the car it charges withouting ing from plugging it in. gerri: a demo here. >> right. so, imagine if you would, you would put something like this in to your krill phone. a -- cell phone, a coil, you couldn't see this, but in the back of your phone, there is no difference in this phone, if you put it in your computer, and your phone is up next to your computer, i'm sure it is often times, there you go, wirelessly charging, from the computer, so from the computer, to the telephone. so that is one example. i would have liked ted to bringa

electric car into the studio but i'm not sure it would have fit. gerri: yeah, yeah. >> so cell phones and cars. gerri: eric, how choice are we to actually having this technology marketable? >> you will see these products in the market within the next 12 to 18 months. let me show you another one, too. double a batteries, the world consumed 40 billion disposable batteries last year. if you think about all that stuff going into landfill is is expensive form of power, 3,000 time more energy is used to power a disposable battery. gerri: how does it work? >> so, here is a world's first wirelessly rechargeable double a, insped of spending $300 per kilowatt power you use 10-cent

power, 4 remote control, keyboard, mouse, they will never replaced again, they sit inside. gerri: great stuff, thank you eric. appreciate your time, can't wait. >> thank you,. gerri: i'm grabbing of some that electricity out of the air. we'll be right back with my two cents more, and my answer in question of the i did, should the different have a say -- should the government have a say in you renting out your property, stay with us. my customers can shop around.

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gerrigerri: short-term rental ss fighting back against the government for saying who homeowners can rent to if for how long. >> only if it is a reasonable zoning issue, i can understand

renting out rooms by an hour. >> gary more straightforward, no. no, no, no, i guess. >> we also asked to gerriwillis.com, 3% said yes, 97% said get out of my face, government! here is some e-mails on obamacare, bill from oregon, writes kathleen sebelius should be fired. someone needs to be responsible. early from washington -- earl from washington said if they wanted obamacare to work they would have made it such a great deal they would want everyone to sign up, telling people they will get fined if they don't, and screwing them over when they say uncle, that is bad practice. >> and we love hearing from you, send me an e-mail gerri willis do thgerriwillis.com. obamacare getting a hollywood rewrite, in weeks, months and

years, hollywood could not seem to shut up about it everyone from jennifer hudson to lady gaga campaigned for the law, but since the flop, celebrity world has gotten quiet until now. california endowment a private foundation spending a half million to promote obamacare stock make shire tv writers and producers have information about the affordable care act to be included in upcoming story lines of your favorite shows. imagine that! saying that young people will believe anything you put on tv. it's all a lit teal late. i'm not too sure that the troubles with obamacare stem from people not hearing enough about it, it may be fun to watch to see if the zombies on the walking dead have any better luck getting on the echanges than the rest of us, thank you for joining us, dvr the show if

you can't catch us live, have a great night, we'll see you right back here tomorrow. lou: for millions of americans tonight is election eve, as such goes, tomorrow's elections are being styled as a referendum on obamacare. and administration that has been dishonest with americans, the biggest problem for the president, is that millions of americans are learning first hand. dimensions of that dishonesty, i am lou dobbs. >> good evening we're just hours away tonight from polls opening across the country. residents of some of the nation's big of cities are set to choose their